Allianz Asset Management GmbH Sells 11,930 Shares of OFG Bancorp (NYSE:OFG)

Allianz Asset Management GmbH decreased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 36.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,700 shares of the bank's stock after selling 11,930 shares during the period. Allianz Asset Management GmbH's holdings in OFG Bancorp were worth $828,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of OFG Bancorp during the 4th quarter worth approximately $172,000. Bridgefront Capital LLC acquired a new position in OFG Bancorp during the 4th quarter worth approximately $221,000. Bank of Montreal Can increased its position in OFG Bancorp by 9.0% during the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after purchasing an additional 438 shares in the last quarter. Oxford Asset Management LLP acquired a new position in OFG Bancorp during the 4th quarter worth approximately $225,000. Finally, Caxton Associates LP acquired a new position in OFG Bancorp during the 4th quarter worth approximately $225,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Buying and Selling at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the sale, the chief financial officer directly owned 63,470 shares in the company, valued at $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.11% of the stock is currently owned by company insiders.

OFG Bancorp Trading Down 1.9%

NYSE OFG traded down $0.80 on Friday, hitting $41.82. The company's stock had a trading volume of 283,667 shares, compared to its average volume of 221,752. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The company's 50-day moving average is $42.80 and its 200 day moving average is $41.36. The firm has a market cap of $1.88 billion, a PE ratio of 9.86 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same period in the prior year, the company posted $1.08 EPS. The company's revenue was up 1.6% on a year-over-year basis. As a group, analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. OFG Bancorp's dividend payout ratio is 28.30%.

Analysts Set New Price Targets

A number of research firms recently issued reports on OFG. Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Hovde Group lowered their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Piper Sandler lowered their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.50.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.